The statistics now confirm last month’s speculation, the SoCal industrial real estate market is heating up. Check it out -> the average asking rental rate per sq ft/year for Industrial properties in Los Angeles, CA as of Jun 11 was $9.30, according to Loopnet.com. $9.30 sq ft/year represents an increase of 0.5% compared to the prior 3 months, with an increase of +6.5% year-over-year. Hooray!
Lease rates around L.A. have grown faster than asking prices. Current Los Angeles market trends data indicates a decrease of -1.1% compared to the prior 3 months. The median asking price in June in metro L.A. was $142 per sq ft for industrial properties. More good news for buyers, prices on industrials are down -10% compared to last year. County-wide, asking prices for industrial properties are -0.3% lower at $136 per sq ft.
The UCLA Anderson Forecast remains consistent: slow growth through the end of the year. Slow growth is better than no growth.
We’re here to help you with your real estate property needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – or 310.392.1211, and let us move forward together.